02 Oct The Future Of Data Science in Nigeria and Beyond
Data scientists have for many years been considered a rarity that large enterprises have been fighting to get hold of.
Data Science has become a buzzword that almost everyone talks about these days. It is a study that deals with the identification and extraction of meaningful information from data sources with the help of various scientific methods and algorithms. This helps in better decision making, promotional offers and predictive analytics for any business or organization.
Most of the big organizations are using the technology to gain useful business insights about their customers and devise strategies accordingly. Industries with strong consumer focus such as retail, financial, communication, and marketing organizations use Data Science drill deep in their transactional data and determine pricing, customer preferences and product positioning, impact on sales, customer satisfaction, and corporate profits.
WHY DOES DATA SCIENCE MATTER?
“Every Organisation has realized that in order to maximize their benefit in today’s data-driven world they required the Magic of Data Science”
That’s why nowadays data science is used in almost every data-driven sector like- Retail, eCommerce, Finance, Healthcare, Education, telecom, etc. And the big data giants like Google, Apple, Facebook, Amazon, Walmart, etc that consume most of the world economy are using data science. These Companies require data to function, grow and improve their businesses.
SOME DATA SCIENCE USE CASES THAT ARE CHANGING THE WORLD:
1. Facebook: Facebook uses data science in- Targeted Advertising, Textual Analysis, and Facial Recognition. If you want to know some examples of how Facebook uses Data Science you may please refer to this informative blog here – How Facebook uses Data Science?
2. Netflix: Netflix Used Data Science to Improve its Recommendation System. Have you ever noticed Netflix recommends similar kinds of movies that you have watched previously? How does Netflix know what you’d like? Here the role of data science comes and that’s how data science helps Netflix.
3. Flipkart: Flipkart is India’s largest e-commerce marketplace and it is nothing without data science. Data science helps Flipkart to identify both loyal and new customers by using data extraction and segmentation for tracking browsing habits and spending patterns.
3. Uber: Uber is a popular smartphone application that allows you to book a cab. It makes the best use of data science to calculate its surge pricing. When there are fewer drivers available to more riders, the price of the ride goes up. This happens only during the scarcity of drivers in any given area.
DATA SCIENCE PREREQUISITES AND DATA SCIENTIST SKILLS
Data Science is a massive sector and Data Scientist needs to have both technical and non-technical skills to perform their job in an effective manner. it is not just one standalone topic but a combination of many. We will go through some of the required skills-
1. Statistical & Probability Skills: Statistical Thinking is the most important aspect of Data Science. You cannot be a Data Scientist without having the required statistical knowledge. Data Science is basically the rebranding of statistics.
Statistics are divided into two categories – Descriptive Statistics It quantitatively summarizes large features of data through visualizations and outlines the sample from a larger population of data values. And Inferential Statistics It is about drawing conclusions from a smaller sample and implying the drawn conclusions over a larger group.
2. Programming skills: Basically, programming allows you to implement your statistical thinking in a practical manner. Without programming, you cannot put your knowledge to practice. Therefore, you must be skilled at least one programming language (python/R) required for data modeling.
Here you can enhance your knowledge about the top 6 data science programming languages of 2019. Some of the essential programming languages and tools that you must know being a data scientist, I have also given Free tutorial links that might be helpful for you.
3. Mathematical Skills: Mathematical modeling is extremely helpful. If you want to become a proficient Data Scientist, then you must be proficient in these topics – Linear Algebra, Calculus, Discrete Math, and Optimization Theory.
4. Business and Domain knowledge: Many popular companies are using Data Science to ease their regular processes. There are many ways by which Data Science is helping businesses to run in a better way:
- Business Intelligence for Making Smarter Decisions: Traditional Business Intelligence was more descriptive and static in nature. However, with the addition of data science, it has transformed itself to become a more dynamic field. Data science helps the companies to analyze information at a large scale and gain necessary decision-making strategies.
- Predictive Analytics to Predict Outcomes: Predictive analytics is the most important part of businesses. It is the statistical analysis of data that involves several machine learning algorithms for predicting future outcomes using historical data.
So, these were some important skills you need to possess for becoming Pro Data Scientists.
FUTURE IN DATA SCIENCE
With Data Science comes a Bright Future! In today’s time, every business is dependent on data analysis for driving the decision making and machine learning work. This is the major component of the IT strategies, this results in demand for good data scientists.
You can have a bright future too, learn Data Science!!!